President Muhammadu Buhari has proposed N6.866 trillion as the 2017 budget, at a pegged oil benchmark of $42.5 per barrel with 2.2 million oil production per day.
The budget, according to the Medium Term Expenditure Framework (MTEF), is with debt servicing proposed at N1.6 trillion.
The MTEF which was read on the floor of the Senate today, Tuesday indicated that the production is projected to be 2.2 million barrels per day and an exchange rate of N290 to a dollar.
According to the MTEF, N65 billion will be spent on the Amnesty programme compared to N20 billion budgeted for the same project in 2016.
N350 billion will also be spent on Special Intervention Programmes in 2017 compared to N300 billion earmarked in 2016.
The MTEF reads in part: “Provision in the MTEF are drawn from the government’s development priorities over the medium term, and more specifically, driven by its fiscal strategy and reflect the broad aggregates of the government’s annual budget over the period.
“The aggregates revenue to the fund the 2017 Budget is projected to increase over the 2016 estimates of N3.855 trillion by about 8 percent (or about N313 billion). 33 percent of this is to come from oil sources while the balance is derivable from non-oil sources – in consonance with the government renewed focus on diversification of its revenue base.
“The planned aggregates expenditure is estimated to exceed the provision of N6.6 trillion in the 2016 budget by 13.3 percent (or about N806 billion).” [myad]
